The reply I receive thus far is:----------------------Dear Mr...

The reply I receive thus far is:
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Dear Mr X,

I refer to your email to concerning a complaint in respect of the Company Senetas Corporation Ltd.

The reason for the trading halt and subsequent suspension in the Company's securities was in order to prevent trading in an uninformed market. The Company's notice of meeting released to ASX on 24 October 2006 had incorrectly stated that a capital raising had been completed at an issue price of 55 cents per share to IKL Management Co. Ltd ("IKL"). As that transaction had not taken place but was expected by the Company to be completed before the Company's AGM it was prudent for the shares not to trade while negotiations for completion of the raising continued. If trading had been permitted during the time when the market was led to believe that a significant transaction at a specific price would be completed and retrospectively approved at the AGM it would have been open to investors (including IKL) to manipulate the share price.

The suspension was lifted when the market was informed that the transaction would not be completed before the AGM and the relevant resolutions in the notice of meeting were withdrawn.

Thank you once again for alerting us to your concerns about the Company.
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A very standard response and I have responded thus (some adjustments made to protect the innocent and possibly guilty):

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Thank you for your response.

I appreciate the "correctness" of the documentation regarding this specific issue but I (and many other nervous investors) am concerned that the company has allowed more information to be leaked about the forthcoming alliance than what has been announced via their flimsy and intentionally mis-leading ASX announcements.

Whilst the company thought it prudent to suspend trading whilst they awaited the cash to arrive in the bank, unofficially the company has advised many that money has been received but they continue to play games with the investor community. The comments on HotCopper reflect only some of the concerns of shareholders and demands for ASX and ASIC scrutiny of the board's actions have resulted in nothing but the pls explain from the ASX last week.

Their last announcement debacle (stating the payment had been received and then retracting that statement shortly thereafter) allowed for investors to trade under the assumption that the deal was done. In addition, this lack of disclosure of the details of the alliance terms and conditions (no timeframe or price set on the sale of board member's and other's holdings in Senetas) leaves the market to speculate on the sweeteners that may be included in the deal that benefit the major shareholders without advising the market as to any price by which these trades will be made and in what timeframe.

I expect better of the ASX and ASIC to ensure that the investor community is protected from company directors who operate out of self-interest and to the detriment of delivering immediate or timely value to shareholders..........(also).... information made available to the market through (some brokers), which has been at odds with the company announcements and their content/timing, could have only been provided for the express purpose of manipulating the share price whilst the board runs a different agenda - either in timing or in structure. Many commentors on HotCopper also attest to "inside words" that seem to have everyone "hanging in there" to wait for the "big announcement".

I look forward to hearing if a full investigation and subsequent announcement will be made soon to shareholders as to the exact details of the proposed (or completed) alliance - it will be good for shareholders returns in the short-term but the board and the private equity partner are obviously happy for these details to remain unannounced whilst someone (presumably the equity partner or related parties of the board) slowly accumulates stock on market at a discount. Yes - this could all be a good conspiracy theory - but it is the general consensus amongst shareholders and one which, when reviewed against their announcements compared to the "whispers" leaked, seems to stand up to scrutiny and a reality check.

The fact that rumours of a privatisation of the company at between $1.00 and $1.50 per share are keeping punters from selling - whilst the share price seems dormant despite an alleged (and partially announced) alliance which has been established at 55c per share with a possible higher price being paid for the board members share purchase which is linked to the deal (mentioned in their latest announcement) - seems like a very unprofessional and possibly corrupt manner of managing the PR behind this alliance and its potential impact on the share price in the short term. I doubt such actions by a BHP or Qantas board would be acceptable. Why should this be so for Senetas?

Appreciate your considered response after further investigation.
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Let's wait and see......I've had enough of the stalling and the lies from FG & Co.

cheers